Jack Henry & Associates unveils lending platform

17 January 2013 | 2102 views | 0Source: Jack Henry & Associates

Jack Henry & Associates (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking division announced today the availability of the OnBoard Loans retail and commercial lending platform.

OnBoard Loans streamlines the retail and commercial lending process and provides the optimal flexibility and functionality to originate new loans. This compliance-driven system uses dynamic documents for all 51 jurisdictions, which are updated via Internet downloads and are produced based on applicable regulatory requirements, loan type, and transaction-specific information. OnBoard Loans integrates with a variety of forms vendors' dynamic technologies and supports a wide variety of lending transactions including consumer secured and unsecured, consumer real estate, home equity lines, construction, and commercial.

According to Mary Jo Sutton, loan documentation manager at Kentucky-based Cumberland Valley National Bank, "OnBoard provides the flexibility and scalability we need with dynamic forms that reduce our disclosure issues and give us the ability to adjust for as many signature lines as we want. We are saving a significant amount of time and reducing headaches now that we don't have to manually update loan forms. It was very overwhelming to try and keep up with regulatory changes, and manually updating forms or submitting work orders was cumbersome. I believe that any time you can perform a process better, you are more competitive. The fact that we are producing a better and more consistent set of commercial documentation with OnBoard makes us feel like we are performing better as a bank. The real payoff with OnBoard has been that we have centralized our loan processing and now have two people processing loans versus 10."

According to Doug Childress, general manager of Jack Henry & Associates' Retail Delivery group, "OnBoard's intuitive design and easy navigation enable bankers to become proficient quickly and immediately improve operating efficiencies, branch productivity, and customer satisfaction with a next-generation lending platform. We are excited to formally introduce OnBoard Loans to our client base and to support banks' intensified focus on improving operating efficiencies with an innovative solution that will deliver immediate and ongoing benefits."